Bloomberry Resorts Corp., the operator of the $1.2-billion Solaire Resorts & Casino in Parañaque City, expects to remain profitable this year despite the opening of the $2-billion Okada Manila.
Bloomberry reported a net income of P2.32 billion last year, a reversal from the P3.38-billion net loss in 2015.
Bloomberry chairman and chief executive Enrique Razon Jr. said in a recent interview the significant increase in tourist arrivals from China was providing a big boost to the domestic gaming industry even with the entry of a new player.
“There is already an oversupply because of opening of Okada Manila. Absolutely, we will remain profitable because the market is growing,” Razon said.
Razon said the number of Chinese players going to Solaire grew 200 percent to 300 percent given the renewed relationship between China and the Philippines. “It has been growing [Chinese arrivals] by 200 [percent] to 300 percent at least for people coming to Solaire. It started building up since October and November after President Duterte’s visit to China. They have been sending more tourists,” Razon said.
Razon also welcomed the move of state-run Philippine Amusement and Gaming Corp. to stop issuing licenses to new casinos in Metro Manila for a period of five years to enable existing players to grow their businesses and recoup their investments.